Friday, August 2, 2013
The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:
The Polit Bureau of the Communist Party of India (Marxist) strongly opposes the dilution of the norms for FDI in retail trade approved by the Union Cabinet. Consequent to the harmful decision to allow 51 per cent FDI in multi-brand retail, the government has diluted even the limited norms set out for foreign retail investment. Under the pressure of the United States, the requirement of 30 per cent sourcing from domestic small and medium industries, the requirement for back up investment and the condition that FDI in retail be allowed in cities of over 10 lakh population have been eased.
The government has further surrendered to the pressure from the United States and its giant retail companies to do this.
The CPI(M) reiterates its opposition to the entry of FDI in multi-brand retail and demands that the government rescind this policy.